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Unit information: MRes Microeconomics 2 in 2021/22

Unit name MRes Microeconomics 2
Unit code EFIMM0027
Credit points 15
Level of study M/7
Teaching block(s) Teaching Block 2 (weeks 13 - 24)
Unit director Professor. Oliveros
Open unit status Not open
Pre-requisites

MRes Microeconomics I

Co-requisites

None

School/department School of Economics
Faculty Faculty of Social Sciences and Law

Description including Unit Aims

The course mainly covers mechanism design, cooperative game theory, and social choice theory. We apply these ideas to auctions, market design, and matching theory. The unit aims to build in students the ability to know, understand, apply and evaluate these tools and to apply themselves when undertaking novel research. Topics covered will include:

1. Incentives and Mechanism Design

- Revelation Principle - Optimal Auction - Vickrey-Clarke-Groves Mechanism - Efficient Mechanisms - Bilateral Trading - Bayesian Mechanisms

2. Collusions and Cooperation

- Core - Cooperative Game Theory

3. Social Choice Theory

- Social welfare function - Social choice function - May’s Theorem - Arrow’s Theorem - Gibbard-Satterthwaite Theorem

4. Auction Theory

- Independent Private Value Model - Revenue Equivalence - Interdependent Model

Intended Learning Outcomes

This unit follows on from MRes Microeconomics I in providing a thorough and in-depth treatment of further basic concepts in microeconomics and introduces fundamental analytic paradigms rigorously, with a view to equip the students with sufficient foundational understanding of the discipline to be able to access the journal articles first-hand, to evaluate them critically and to start independent research projects.

Teaching Information

Teaching will be delivered through a combination of synchronous and asynchronous sessions such as online teaching for large and small group, face-to-face small group classes (where possible) and interactive learning activities

Assessment Information

online exam (85%) and coursework (15%)

Resources

If this unit has a Resource List, you will normally find a link to it in the Blackboard area for the unit. Sometimes there will be a separate link for each weekly topic.

If you are unable to access a list through Blackboard, you can also find it via the Resource Lists homepage. Search for the list by the unit name or code (e.g. EFIMM0027).

How much time the unit requires
Each credit equates to 10 hours of total student input. For example a 20 credit unit will take you 200 hours of study to complete. Your total learning time is made up of contact time, directed learning tasks, independent learning and assessment activity.

See the Faculty workload statement relating to this unit for more information.

Assessment
The Board of Examiners will consider all cases where students have failed or not completed the assessments required for credit. The Board considers each student's outcomes across all the units which contribute to each year's programme of study. If you have self-certificated your absence from an assessment, you will normally be required to complete it the next time it runs (this is usually in the next assessment period).
The Board of Examiners will take into account any extenuating circumstances and operates within the Regulations and Code of Practice for Taught Programmes.

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